Demand for senior housing on rise

Aging population in region could drive real-estate market

NEWBURGH — The aging of the Hudson Valley's population could dramatically alter the real estate landscape, offering opportunities for builders and service providers to meet the needs of the expanding ranks of people 65 and older.

Hudson Valley Pattern for Progress is establishing a Center for Housing Solutions.

Objectives include acting as a liaison with developers, businesses and municipalities by assisting in locat...

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Center for housing solutions to debut

Hudson Valley Pattern for Progress is establishing a Center for Housing Solutions.

Objectives include acting as a liaison with developers, businesses and municipalities by assisting in locating funding sources, and researching housing trends.

Pattern also intends to promote "green" building technology while continuing Pattern's in-depth research into housing issues.

The program will be unveiled on Sept. 27 at an 11:30 a.m. luncheon at Anthony's Pier 9, Route 9W South, New Windsor.

Included in the meeting will be a panel discussion on the region's aging population, and an address by Rafael Cestero, president of the Community Preservation Corp., which helps developers finance and build affordable multifamily housing.

NEWBURGH — The aging of the Hudson Valley's population could dramatically alter the real estate landscape, offering opportunities for builders and service providers to meet the needs of the expanding ranks of people 65 and older.

Between 2010 and 2030, the 65-plus population is projected to rise nearly 74 percent in Orange County, more than 62 percent in Sullivan County, and 51 percent in Ulster, according to a Cornell University study incorporated in Hudson Valley Pattern for Progress' annual housing report.

The report, which Pattern leaders discussed Tuesday at their headquarters, also told of a continued lack of affordable housing, long waiting lists for government-funded rent subsidies, and reductions of federal funding to support housing as Washington copes with a budget bleeding red.

One positive sign in the report: Delinquent mortgages have declined slightly over the past year. Mortgage foreclosures have risen at the same time, a possible reflection of the two to three years it takes foreclosures to get through the pipeline.

"It's one of the primary economic drivers in the Hudson Valley, and yet it's stuck in neutral," Pattern President and CEO Jonathan Drapkin said of the real estate market.

The most significant change on the horizon "is that we're going to age," Drapkin said, a fact likely to have a far-reaching impact on matters including medical care, transportation, and yes, housing.

Overall, the nine-county Hudson Valley region is projected to see a nearly 44 percent increase in the 65 and older population between 2010 and 2030.

And yet, what goes up must come down, so between 2030 and 2040, senior population growth is projected at just 0.31 percent.

"These demographic swings will result in a variety of housing and economic challenges and opportunities," Pattern's report stated. "Empty school buildings may be repurposed as senior housing, community space or medical facilities. As the region ages, there will be more demands for alternative housing solutions. Some will demand to remain in their homes "» While others will seek housing with relatives or downsize from single-family homes to an apartment "» . These housing options will provide opportunities in construction, home improvement and a variety of service industries."

There are 5,535 senior housing units in Orange, Sullivan and Ulster counties.

"There's a huge demand," said Pattern Vice President Joe Czajka. "All of the (rental) subsidy programs have waiting lists."

More housing for seniors and others with limited income is in the works, but even new construction falls short of meeting the need, Faith Piatt, executive director of the Rural Development Advisory Corp., said after the Pattern meeting.

"We're seeing people who can't afford to stay in their homes and need to transition to rentals," Piatt said. "There is a great need for workforce, affordable and senior housing."